Chariot completes Energean partnership transaction, signs Morocco rig contract

Chariot Limited, the Africa-focused transitional energy group, on Wednesday announced that its Partnership Agreements with Energean plc group, as announced on 7 December 2023, have now been fully completed.

As a result of the partnership, Energean now holds 45% and 37.5% of the respective interests in, and is operator of, the Lixus and Rissana licences, offshore Morocco. Chariot retains 30% and 37.5% of the respective interests in these licences, with ONHYM maintaining a 25% stake in each.

Chariot has received the US $10 million upfront cash consideration from Energean as a part of the transaction, it said.

In addition, a rig contract has been signed with Stena Drilling for the use of its Stena Forth drill ship for the Anchois-East appraisal and development well and an optional well, located within the Lixus licence.

This drilling and testing campaign will be conducted in Q3 2024 which will further appraise the existing gas sands, including flow testing, and target undrilled prospective resources to look to increase the Anchois gas development to over 1 Tcf, Chariot said.

“We are very pleased to have received formal approval from the Moroccan authorities for the transaction, for Energean to officially be our partner on the Lixus and Rissana licences and to have the rig contract signed for the Stena Forth,” said Adonis Pouroulis, CEO of Chariot.

“Our teams have been working closely together on well planning to deliver the expedited commencement of this campaign in Q3 2024 and further updates on this will be provided in due course. I would like to thank ONHYM, the Ministry of Energy Transition and Sustainable Development and the Ministry of Finance for their ongoing support in securing the approvals as we look to progress the Anchois project and its surrounding acreage,” he added.

The completion of the transaction follows the receipt of all necessary Moroccan governmental and regulatory approvals, Chariot said.